Is the Grass Greener For Other SME Owners?

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If you are a small business owner then the likelihood is that at one time or another you will have found yourself doing jobs that are otherwise below your pay grade… Wondering do all business owners have to run down to the shop to buy milk for everyone? I’m sure one time or another you have asked yourself… Is this really going to work will I still be in this same small office in the next 5 years? Or maybe you have found yourself working at unusual hours wondering… Do all small business owners work at 2 am in the morning? Well a recent study may have the answers all those questions and more.

According to a recent survey by AXA PPP Healthcare the next half a decade spells a time of prosperity for Small Businesses. The survey found that 62% of small business owners are prospering and that 2/3 of SME owners have very positive predictions for the next 5 years of business.

Whilst 58% of SMEs acknowledge the additional flexibility that owning a business allows them to have. 70% of all SMEs in the surveyed mentioned that that are proud, inspired and happy to be owning their own business. Business director for AXA PPP Healthcare, Glen Parkinson, said: “The future looks bright for the UK’s SMEs, which is great news for the economy, as they are the backbone of our economic output.”

Business strategy was the area that most surveyed small business owners said preoccupied most of their time with 81% of business owners involved in business strategy daily. A further 61% of small business owners are also involved in the day-to-day tasks of business operations. Painting the picture of a very hands-on approach for small business owners.

Over 1/3 of business owners are happy to switch off from their business after work hours and find themselves enjoying time with family (35% of time), exercising (22% of time) and going down the local for a few refreshing pints (11% of time).

In total 2/3 of all SME owners have stated that they have a good work-life balance!

If you want to keep more time for yourself, reduce stress and spend time working on what you are really good at, then why not have Andrew Keates Liverpool Accountants take care of your payroll and finance. To find out how we can help you and your business book a free no-obligation consultation today.

 

 


Auto-enrolment ‘blind-spot’ could be the end of your business!

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Sage, the accounting the popular software company, has issued warnings that thousands of UK SMEs could be caught off guard by what has been termed the auto-enrolment ‘blind-spot’ because of the new National Living Wage changes.

With only six months until the new National Living Wage changes come into effect, Sage is advising small businesses to make significant preparations as the auto-enrolment contributions for over one million employees is set to dramatically increase.

The changes to National Living Wage means that small businesses will need to budget for a wage cost of over £5,000 per employee.

Staff are eligible for auto-enrolment if that are more than 22 years of age, less than the state pension age, are primarily UK based and are earning over £10,000 per year. As of yet over 5 million UK professionals have been placed on the auto-enrolment pension scheme. Which is a scheme that is required for any workplace that has more than one member of staff.

Lee Perkins, managing director, Sage UKI, said: “Business owners are bracing themselves for the impact of increased staffing costs with the NLW.

The managing director of Sage UKI said that in his opinion businesses are ready for the increase in staffing cost but are not currently preoccupied with preparing for the impact that the, “increased pension contributions required for a tranche of employees that will be earning an additional £5,000”.

Overall this means that by October 2018 small businesses will have to contribute 3% of an individuals annual salary into the pension scheme.

Small business owners need to be aware of this unexpected cost and act as soon as possible. If you need help preparing for these unforeseen changes please speak to one of our payroll advisors. If you aren’t currently a client please take advantage of a free no-obligation consultation to find out more about these changes.

 

 


ANDREW KEATES & ASSOCIATES WEALTH PROTECTION & TAX MITIGATION SEMINAR:

DATE: FRIDAY 16TH OCTOBER 2015 VENUE: SHANKS LOUNGE, ANFIELD, LIVERPOOL FC

Timetable:

9:30 am Registration, breakfast will be available

10.00am Seminar to starts

12.30pm Seminar will finish no later than

The topic is ‘Wealth Protection & Tax Mitigation’ and will help you:-

  • Reduce or even eliminate all forms of tax, yet remain completely UK Tax compliant.
  • Protect assets from Litigation and divorce.
  • Protect your Balance Sheet and Retained earnings from Legal or Employee claims.
  • Control who is able to enjoy your wealth even when you are gone.

You don’t believe it is possible……………well why not come along and find out and any questions you have will be answered. Join an elite group of people who have the attitude and belief that the wealth you have worked hard to achieve should be protected.

Andrew Keates Seminar Invite

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